1. What are the two main sources of law in Australia? Which is most powerful? Why?
2. Which tier of government, federal, state or local do you think has the greatest influence/effect on businesses in the financial services environment? Why?
3. Using examples, explain what is meant by 'delegated' or 'subordinate legislation'. Why is this type of legislation particularly important in ensuing clients are properly advised about business compliance?
4. Australia's legal system is based on the 'rule of law' central to which is natural justice. How is natural justice incorporated into our court system?
5. Ophelia has recently started a new business and intends to use the house she has received from her grandfather as security for a loan to inject capital into her business. She seeks your advice. Will she be successful in her loan application? Give reasons for your answer.
6. Errol and Flynn are beneficiaries of a trust created by their mother's will. Victor is the trustee of the trust. The majority of the trust property is land. Both Errol and Flynn are concerned about Victor's recent behaviour as trustee and are unsure if he is acting in their best interests. What could they do to protect their interest in the trust property? Why?